IAIS Leader to Speak on International Issues at Legal Seminar

Andrew R. Stolfi, Principal Administrator and Communication Officer with the International Association of Insurance Supervisors (IAIS), will discuss developing international regulatory trends and their effect on U.S. companies, both at home and in foreign markets, at NOLHGA’s 21st Annual Legal Seminar in July.

The IAIS represents insurance regulators and supervisors of more than 200 jurisdictions in nearly 140 countries, making up 97% of the world's insurance premiums. Its goals include the promotion of effective and globally consistent supervision of the insurance industry and the protection of policyholders.

Stolfi, who has been with the IAIS since February 2012, previously held several positions within the Illinois Department of Insurance, including Acting Director, Special Counsel for Policy and Legislative Affairs, and Chief of Staff. He was also active in the international activities of the National Association of Insurance Commissioners (NAIC). Stolfi graduated with honors from Chicago-Kent College of Law and holds an undergraduate degree from the University of Vermont.

NOLHGA’s 21st Annual Legal Seminar will be held on July 11–12, 2013, at the Ritz-Carlton Chicago (an MPC meeting is scheduled for July 9–10). NOLHGA has secured a room rate for this meeting of $250/night plus tax. Online registration and hotel reservations, as well as other meeting information, are available on the meeting Web page. Please contact Meg Melusen at [email protected] if you have any questions.

  Staff Contact - Lumbermens Mutual Casualty Company (Illinois)

Assumption Opt-Out Package Distributed to GAs

The opt-out package for the assumption reinsurance agreement with Madison National for the Lumbermens long-term disability block of business has been distributed to affected guaranty associations. The package includes the following documents:

• Assumption Reinsurance Agreement (as executed by NOLHGA and Madison National)
• Exhibits A and B to the Assumption Reinsurance Agreement (Excel spreadsheets)
• Term Sheet
• Funding Summary

The opt-out period for the agreement has been shortened to 15 days, as approved by the MPC and deemed necessary by the task force. In accordance with NOLHGA's Bylaws and the MPC Rules and Procedures, any affected member guaranty association that does not provide NOLHGA with written notice of its decision to opt out before 5:00 p.m. Eastern time on May 28, 2013, will be bound by the terms of and will be a participating association under the Assumption Reinsurance Agreement. Written notice of opting out should be sent to the attention of Paul Peterson ([email protected]).

Funding from the guaranty associations for their share of the assumption transaction is due by May 31; as a reminder, funding for the May interim claim payments is due to NOLHGA by May 20. The task force expects the initial closing to occur on June 10.

Please contact Task Force Chair Mike Marchman ([email protected]), NOLHGA staff contact Paul Peterson ([email protected]) or Task Force Counsel ([email protected] or [email protected]) with any questions.

Task Force Chair - Mike Marchman;   Staff Contact - Paul Peterson